EIRP Proceedings

EIRP Proceedings, Vol 9 (2014)

Economic Development of the Black Sea Riparian Countries during 2004-2012

Romeo Bosneagu, Florin Sorescu, Rodica Elena Faida

Abstract

The Black Sea is politically divided between the European Union, countries aspiring to join the EU and the Russian Federation. From an economic perspective, the area has a huge potential for development and is "claimed" by the same political actors. In 1992, BSEC (Black Sea Economic Cooperation) was formed and it includes, along with the six riparian countries, eight countries in order to meet their economic power in order to achieve regional development. In the period 2004-2012 the economy Black Sea countries experienced strongly fluctuated, which was strongly connected to the global economy, the inflow of capital in the region and the influence of the global economic crisis.